Lewis denies any bid to force M&B board control

THE growing management/shareholder feud at Mitchells & Butlers (M&B), the high-profile British pub and restaurant chain owner, has moved up a gear with leading independent shareholder, Joe Lewis, denying any attempt to force control of the group’s board.

Earlier this week, M&B’s board said it was going to the British Takeover Panel over what it regarded as attempts by some of its largest shareholders to force control of the business.

Mr Lewis holds a 22% stake in the group, via his Piedmont vehicle and was named as the main “culprit”; while Irish financiers JP McManus and John Magnier – through their Elpida vehicle – hold a 17.5% stake.

Since then, M&B has announced a series of changes to its board – including the removal of former minister for finance, Ray MacSharry, who had been a non-executive director.

However, yesterday, Mr Lewis’ Piedmont group said that any accusations on M&B’s part were “without foundation” and that Piedmont “has, at no stage, acted to undermine the effectiveness of the board” and was “never in a position to veto any decision by the board”.

However, M&B wasted no time in saying that it was “standing by” its allegations.